Indegene Limited

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INDGN/SE/2026-27/19 May 27, 2026 BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001, India. Scrip Code: 544172 Dear Sir / Madam, Sub: Analyst prese

5%

s Even Better. Pharma: The $2Tn Growth Engine $1.4Tn→$2Tn+ Global pharma industry size by 2030 5%–7% Pharma sector CAGR consistently above GDP $500B+ Annual R&D + commercial spend globally 12–15

7%

ven Better. Pharma: The $2Tn Growth Engine $1.4Tn→$2Tn+ Global pharma industry size by 2030 5%–7% Pharma sector CAGR consistently above GDP $500B+ Annual R&D + commercial spend globally 12–15 yr

INR 35.1

governance-by-design, outcome economics. Agencies and CROs are the incumbents we displace. FY26 INR 35.1Bn revenue at 19.4% adj. EBITDA margin, OCF to PAT ratio of 162%, and Revenue per Employee $74.7K

19.4%

outcome economics. Agencies and CROs are the incumbents we displace. FY26 INR 35.1Bn revenue at 19.4% adj. EBITDA margin, OCF to PAT ratio of 162%, and Revenue per Employee $74.7K. 29.4% revenue CAG

162%

incumbents we displace. FY26 INR 35.1Bn revenue at 19.4% adj. EBITDA margin, OCF to PAT ratio of 162%, and Revenue per Employee $74.7K. 29.4% revenue CAGR FY21– 26. NRR >100% every year. Zero debt ba

29.4%

revenue at 19.4% adj. EBITDA margin, OCF to PAT ratio of 162%, and Revenue per Employee $74.7K. 29.4% revenue CAGR FY21– 26. NRR >100% every year. Zero debt balance sheet All Top 20 Global Pharmaceut

100%

gin, OCF to PAT ratio of 162%, and Revenue per Employee $74.7K. 29.4% revenue CAGR FY21– 26. NRR >100% every year. Zero debt balance sheet All Top 20 Global Pharmaceutical as clients Same 27-year o

INR 35,105

f the fact pharma perceives us as a growth partner of choice 29.4% Revenue CAGR FY21-FY26 (INR) INR 35,105M Revenue FY26 19.4% EBITDA* Margin FY26 3.0× Top-20 client revenue FY21→ FY26 100%+ Net Revenue

16.7%

rds Domain Depth Metric FY21 FY26 Growth NRR >100% every year — clients spend more over time 16.7% PAT CAGR (FY21-FY26) Active Clients Relationships $1M+ Clients 44 22 91 53 Top-20 Revenue (I

2.0x

Active Clients Relationships $1M+ Clients 44 22 91 53 Top-20 Revenue (INR Mn) 8.3k 25.2k 2.0x 2.4x 3.0x CAGR 24.9% in top-20 accounts — deepening relationships $74.7K Revenue Per Employee

2.4x

ve Clients Relationships $1M+ Clients 44 22 91 53 Top-20 Revenue (INR Mn) 8.3k 25.2k 2.0x 2.4x 3.0x CAGR 24.9% in top-20 accounts — deepening relationships $74.7K Revenue Per Employee & $86.

“Regulatory grade FDA AI guidance (Jan 2025), EU AI Act (Aug 2025) demand central governance.”

AI cannot deploy brand-by-brand

1

AI cannot deploy brand-by-brand

training data, MLR governance, model economics all require central infrastructure. Per Indegene Q3 FY26. What's driving S&M centralization now AI requires centralization Single training corpus. Single MLR governance. Brand managers can't be trained one-by-one. AI investment economics $4B → $25B+ pharma AI spend (EY) only justifies at portfolio level. Specialty mix 93% of 2024 launches are specialty. Smaller HCP universes; shared infrastructure. Regulatory grade FDA AI guidance (Jan 2025), EU AI Act (Aug 2025) demand central governance. IRA pricing pressure Net-revenue compression forces operating efficiency via central platforms. The thesis If S&M centralizes, fragmented agencies lose. AI-embedded specialists win. Indegene is built for centralized engagement: cross-brand, cross-region, cross-function delivery on platform foundations. Traditional agencies are organized brand-by-brand and country- by-country — the opposite of what AI- era pharma needs. © 2026 Indegene. All rights reserve